Key Takeaways:
- Small business owners in the UK are sacrificing their mental health due to a lack of time off work, with many working over 46 hours a week and taking fewer than 20 days off per year.
- Research suggests that the government is not doing enough to support the mental health of the self-employed, who are unable to claim the same rights as employees regarding sick pay and holiday entitlement.
- Business insurer Simply Business has partnered with Mental Health at Work to raise awareness and provide resources for small business owners, including a £2,000 wellbeing package.
Small Business Owners Face Mental Health Crisis Due to Lack of Time Off
A recent analysis by business insurer Simply Business and Mental Health at Work has revealed a significant problem within the small business community, with dire consequences for their mental wellbeing. The study found that the cluster of bank holidays in May posed a dilemma for many small business owners, who feel compelled to choose between the success of their business and their mental health.
According to a survey conducted among over 700 small business owners, a staggering 73% of SME owners take fewer than 20 days off each year, well below the UK statutory annual leave entitlement of 28 days. Additionally, they work an average of over 46 hours per week, which is 10 hours more than the average working hours of employees in the UK, according to data from the Office for National Statistics (ONS).
Despite the evident need for a break, many small business owners perceive time off as an unfeasible option. Research from Business Advice indicates that SMEs could suffer losses of up to £2,163 per year if they were to close during bank holiday periods. This figure is nearly equivalent to the median monthly wage in the UK.
The adverse impact of this lack of time off extends beyond financial concerns, as almost one in six small business owners (15%) believe that it directly affects their mental health. Furthermore, an overwhelming majority of 90% expressed dissatisfaction with the government’s current level of support for the mental health of the self-employed. Unlike employees, small business owners are unable to claim the same rights regarding statutory sick pay and holiday entitlement.
Eglel Gomaa, owner of Girasole Taste of Italy Restaurant in Seven Sisters, London, shared her personal experience, saying, “I always put my customers and my team before myself, and that often means that I do not take time off. Bank holidays, though they are great for the restaurant, definitely equate to me having no time off. I put my hands up to anyone who starts their own business – it’s no mean feat. I will not be renewing my lease this year because I have faced such hardship, both financially and mentally. After almost 9 years in business, I will be sad to say goodbye to my beautiful restaurant, my fabulous team, and my lovely customers.”
Support for Small Business Owners’ Mental Health
In response to the concerning findings, Simply Business has joined forces with Mental Health at Work, a program curated by leading mental health charity Mind, to address the challenges faced by the UK’s self-employed individuals. Simply Business has generously donated £100,000 to support the mental health of these individuals.
As part of this partnership, Simply Business is providing a range of resources tailored to the needs of SME owners. Additionally, they are offering one small business owner the opportunity to win a comprehensive £2,000 wellbeing package. The package includes holiday vouchers, access to a virtual assistant, and financial and business coaching.
Bea Montoya, Chief Operating Officer at Simply Business, highlighted the urgency of addressing the precarious mental health situation faced by small business owners. She stated, “During a cost of living crisis, the self-employed are working at capacity. Long hours, rare breaks, and sleepless nights are leaving many on the brink of burnout. It’s critical that the real people behind the country’s SMEs are given the support they need.”
Andrew Berrie, Head of Workplace Wellbeing at Mind, emphasized the importance of addressing the unique challenges faced by small businesses and the self-employed, as they are often overlooked in public workplace mental health initiatives. Berrie stated, “Results from our survey in partnership with Simply Business shine a light on how crucial it is that we act, right now, to support these groups. The results expose a mental health crisis, with over half of respondents struggling with poor mental health in the last year, many experiencing insomnia, working long hours, and very rarely taking breaks – it’s a recipe for burnout.”
Together, Simply Business and Mental Health at Work are working to make a tangible difference in addressing this critical issue. By providing accessible and tailored support for small business owners and the self-employed, they aim to enable positive changes in mental health outcomes within these communities.
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